KEY POINTS

  • The so-called Magnificent Seven stocks lost a combined $1.8 trillion in market value over the last two trading sessions.
  • Apple led the losses for the group shaving off more than $533 billion in market capitalization.
  • The Nasdaq recorded its worst week since 2020 as markets responded to mounting fears of a global trade war that could push the U.S. into a recession.

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[–] 28 points 2 years ago* (last edited 2 years ago)

I imagine a lot of this data is because they are the ones cashing out so I don't know how accurate this is. I feel Its more likely the American population's 401k are losing the value here. Billionaires selling off billions vs my measly 100k is going to have a more dramatic market effect. If that's the case hopefully we see some massive capital gains tax... But my guess is this money is being reinvested somewhere else or offshored.

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  • [–] 24 points 2 years ago (11 children)

    Does anyone else not know how to feel about this?

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  • [–] 37 points 2 years ago (2 children)

    Gleeful that the megacaps just got their genitals fed into a meat grinder, but pissed off that it probably won’t do shit in the long run, and sad for whatever repercussions await those not even tangentially involved far, far down the economic chain. Best I can do.

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  • [–] 18 points 2 years ago (3 children)

    Meh. They're not going to really hurt from this. If anything they'll use it as an excuse for layoffs, then give the CEO a bonus.

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  • [–] 8 points 2 years ago (2 children)

    I think that's the reason people don't know how to feel. It will hurt the companies a little but the workers are going to be fucked.

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  • [–] 10 points 2 years ago (1 child)

    Terrified of the possibility of a repeat of the 2008 financial crisis. Having grown up watching my family get through it did not endear me to the prospect of going through it myself. I was making good money 6 years ago. We are scraping by today. If things get as bad as 2008 again, I honestly have no idea what we'll do.

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  • [–] 21 points 2 years ago

    Goddamn there's being a pathetic simp, and then there's wearing a "Trump was right about everything" hat. People theorize that Musk is the boss in their relationship but I bet some trump crony put the hat in his hands and said "wear it". And he did. And then later asked if trump saw him wearing it.

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  • [–] 12 points 2 years ago*

    Worst weekly drop in only 5 years? Buckle up, we're not stopping until we set the 100 year record!

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  • [–] 9 points 2 years ago* (1 child)

    i mean they dint pay 2.7 trillion taxes, so this can be fair game to them. maybe this is a way to tax the rich, but making lose almost as much.

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  • [–] 1 point 2 years ago* (last edited 2 years ago)

    Absolutely not.

    The rich have offshore accounts funneling money between countries currencies and stocks. They are well diversified. A crash won't hurt them.

    This is killing the average worker. Exactly what they want.

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  • [–] 8 points 2 years ago (1 child)

    I’m wondering if Trump’s corporate backers are tired of winning yet. Who knows what other wins are coming from the mad king in the future. I’m sure they’ll get tired eventually.

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  • [+] 3 points 2 years ago* (last edited 1 year ago)
    [+] 2 points 2 years ago* (last edited 1 year ago)
    [–] 1 point 2 years ago (1 child)

    What was going on five years ago?

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  • [–] 0 points 2 years ago

    5 years is nothing, wake me up when we have hit a recession worse than the 1920's. Let Americans starve, really, as that is exactly what they voted for. I really really wish it were different but here we are, this is trump world now

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